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Allen & Overy advises 21st Century Fox on its takeover offer for Sky plc

23 Dec 2016

Allen & Overy is advising long-standing client 21st Century Fox on its takeover offer for Sky plc. The acquisition will create a global leader in content creation and distribution and will add the strength of the Sky brand to 21st Century Fox's existing media portfolio, including Fox, National Geographic and Star.

The cash offer values the 60.9% of Sky that 21st Century Fox does not already own at GBP11.7 billion. The transaction has been unanimously recommended by the independent committee of the board of Sky.

Allen & Overy is advising on the offer as well as related anti-trust and regulatory matters.  The team, being led from London, comprises antitrust co-head Antonio Bavasso, corporate finance partner David Broadley and M&A partners Seth Jones and Simon Toms.

Antonio Bavasso commented: “This is the largest acquisition ever done by 21st Century Fox and one of the most significant transactions in the sector.  We are delighted to help our loyal client to reach this stage and we look forward to working with them to a successful completion.”

Simon Toms added: “This is a key transaction for a long standing client. We are proud to be working with 21st Century Fox on the acquisition, which will result in the creation of a global leader in content creation and distribution.”

Completion of the transaction is subject to regulatory approvals and the acquisition is expected to complete in 2017.

Matter Type
M&A: Acquiror's Counsel
Industry
Technology, Media & Telecoms
News Category
M&A